Bitcoin's Price Volatility Subdued as Long-Term Holders Sell

Bitcoin has been gradually ascending towards its all-time high of $111,980, although the current momentum appears to be waning. The cryptocurrency has shown signs of subdued volatility in recent sessions, with persistent profit-taking and intensified selling pressure at this psychological level. On-chain indicators reveal that long-term holders, those who have held their coins for over three years, are the primary contributors to the ongoing selling pressure. These investors are capitalizing on substantial profits, thereby placing consistent resistance on the price's ability to climb further.

Despite these headwinds, the current consolidation phase below $111,980 could serve as a launchpad for a breakout, should new demand enter the market. In the event of a bullish breakout, a short-squeeze scenario may unfold, propelling the price toward the $120,000 mark and potentially setting a new record high. The current price of Bitcoin is $98,343.54 USD, and traders are watching the $90,000 zone as a critical level. A successful close above this level could signal a renewed bullish trend, potentially extending Bitcoin's rally toward its all-time high of $111,980 set on May 22.

On the lower timeframe, Bitcoin recently attempted an upward move but encountered resistance at the upper boundary of a descending wedge around $108,000. This has resulted in a low-volatility sideways structure, with the pattern’s upper trendline acting as strong resistance. Should the price fail to reclaim this level, another rejection is likely, potentially dragging Bitcoin back toward the $100,000 support at the wedge’s lower boundary. Conversely, a decisive breakout above $108,000 could trigger a renewed bullish wave, targeting the $111,980 ATH once more. While momentum remains sluggish, market structure and pattern formation suggest Bitcoin is preparing for a breakout, leaving only the timing uncertain.

Crypto analyst Doctor Profit has predicted a potential surge for Bitcoin, with expectations of reaching between $120,000 and $150,000 in the foreseeable future. This optimistic outlook is supported by Bitcoin's recent price trajectory, which has shown signs of strength and resilience. The cryptocurrency's price of $107,710 reflects a 26.71% jump from its 365-day average of $85,000, with even shorter-term metrics showing impressive gains—a 5.06% rise from the 30-day average. Looking ahead, Bitcoin is projected to trade between $80,440 and $151,200 by 2025, with a stretched target of $175,000 to $185,000. This midpoint suggests a strong bullish trend for the cryptocurrency, with analysts expecting continued growth and adoption in the coming years. However, it is important to note that these projections are based on analyst forecasts and may not necessarily reflect the actual price movements of Bitcoin.